Just like the first intermediate cycle during the 2010 spike, silver has come down to touch the rising 20 WMA yet remain above the 200 week upper Bollinger band.  At least so far.

Tomorrow’s close is therefore going to be pretty important, IMO.  If we break below the 20 WMA, it’s anyone’s guess how low silver could go.  The 50 WMA (not shown), which is about $3 below current levels but rising, would be a possibility.